The summary of the top 11 richest in kenya
The are just 11 but very, very rich. Their wealth at the
Nairobi Securities Exchange (NSE) increased by Sh27 billion in slightly less
than 12 months. Mark you, that is only wealth in shares listed in their names
at the NSE. They have much more in shares not listed in their names, but under
nominee accounts or through sister companies to ones listed at the stock
market.
Yet, another huge chunk of their wealth is in firms they own
but are not quoted at the NSE. It is also worth noting that there is an equal
or slightly bigger number of Kenyans who are as wealthy, if not more endowed,
than the 11, but whose wealth is largely unknown to the public as their
companies or businesses are not listed at the NSE. Top in the rich list of
those whose wealth is measurable, at least through the NSE, is his Highness The
Aga Khan who alone scooped Sh17 billion of the Sh27 billion.
Next is the family of the late Philip Ndegwa, at Sh3 billion,
a former entrepreneur per excellence whose estate stands solid in real estate,
banking and other investment. Then follows Dr James Mwangi of Equity Bank and
Chris Kirubi who made Sh2 billion and Sh1.41 billion, respectively. The family
of retired President Daniel arap Moi and businessman-cum-politician Jimnah
Mbaru, just shied off the billion mark, to have their listed wealth at the NSE
increase by Sh800 million apiece.
Close in tow are businessmen Peter Munga, Naushad Merali,
Ashok Shah and insurance executive, Benson Wairegi, whose wealth increased by
Sh620 million, Sh400 million, Sh400 million and Sh380 million, respectively.
The Somen family, with their vast interests in provision of Internet services
and banker Gideon Muriuki closed the super rich list with gains of Sh300
million and Sh216 million, respectively. The Aga Khan, who is the spiritual
leader of the Ismailia community, made his wealth through his investments in
the media, banking, insurance and hospitality.
He is the single largest investor at the NSE with majority
shareholding in the media giant, Nation Media Group (NMG), TPS East Africa
which runs the Serena chain of hotels, Jubilee Insurance and the Diamond Trust
Bank. The NMG, by far the largest listed of the Aga Khan’s commercial interests
in East Africa, had a market value of Sh48.5 billion by close of business at
the NSE on Wednesday. Aga Khan’s stake at the company is 44.66 percent where
his shares are held under the Aga Khan Fund for Economic Development
The Aga
Khan
Over the 12 month period, his wealth in the company grew by
Sh10.1 billion from Sh11.64 billion to Sh21.75 billion as the company’s share
moved from Sh166 to Sh312. In Tourism Promotion Services (TPS) East Africa, a
holding company that has in its stable 21 hospitality establishments (13hotels
and eight lodges) marketed through Serena Hotel and Lodges brand name, his
wealth grew by Sh657 million from Sh3.1billion to Sh3.7billion. His shares in
TPS East Africa are held through Aga Khan Economic Fund for Development,
Industrial Promotion Services, Aga Khan University Investments, Property
Development and Management (PDM) Holding, and Craysell Investment. In Diamond
Trust Bank, his shares are held under Aga Khan Fund for Economic Development,
Habib Bank, Craysell Investment and PDM Holding. In the past 12 months, his
wealth in the bank grew by Sh4.9 billion from 6.7billion to 11.68 billion. In
Jubilee Insurance, where his shares are held under Aga Khan Fund for Economic
Development, his wealth grew by Sh1.9 billion from Sh4.09 billion to Sh6
billion.
Ndegwa
family
Though heavy investors in a wide range of sectors: from
farming, shipping, real estate and insurance, the family of the late Philip
Ndegwa are in the securities market only through the National Industrial Credit
(NIC) bank. The family’s shares in the NIC are held through First Chartered
Securities Ltd and ICEA Assets Management Ltd whose directors are the late
Ndegwa sons, James and Andrew. In the past one year, the Ndegwas wealth grew by
Sh2.84 billion from Sh4.6 billion to Sh7.46 billion.
Dr James
Mwangi
With a 3.45 per cent shareholding, Dr Mwangi is the biggest
individual investor in Equity Bank. In the period under consideration, his
wealth in the bank grew by Sh1.81 billion from Sh2.64billion to Sh4.46billion.
The Equity Bank boss is also one of the biggest shareholders in life insurance
firm, Britam, where his wealth grew by Sh187.5 million from Sh438.7million to
626.2million.
Chris
Kirubi
The industrialist and media owner’s investment in the NSE is
through the Centum group. He was also the third largest shareholder in the
Kenya Power company but has since sold his shares to Mama Ngina Kenyatta. In
Centum, Kirubi’s investment grew by Sh1.41 billion while his worth in Kenya
Power grew by Sh39 million to Sh269.9 million from Sh230.9 million.
Moi
family
Former President Moi’s most visible investments at the NSE
are in Standard Chartered Bank and the Standard Media Group. In Standard
Chartered where his shareholding is held under Kabarak Ltd, his wealth grew by
Sh387.7million from Sh568.8million to Sh956.5million. In the Standard Media
Group where his shares are held under SNG (Standard Newspaper Group) holdings,
his investments increased by Sh409million from Sh1.297billion to Sh1.7billion.
Jimnah
Mbaru
Mbaru’s flagship business is the securities brokerage firm,
Dyer and Blair. He is also a major shareholder in Britam and Transcentury Group
where his wealth grew by Sh690.5 million. In Britam, his investments grew by
Sh548.2 million from Sh1.28 billion to Sh1.83 billion, while in Transcentury
his wealth increased by Sh145.2million from Sh581million to Sh726 million.
Peter
Munga
The Equity Bank founder chairs the bank’s board where he is
listed among the top 10 largest stock owners with a 0.61 per cent shareholding.
In Equity, his wealth grew by Sh319.4million from Sh465million to Sh784 million
while he increased his worth in Britam by Sh187.5million from Sh438.7million to
Sh626million.
Benson
Wairegi
The chief executive of Britam, Wairegi, joined the firm fresh
from university rising up to his current position. He is one of the biggest
shareholders in both Britam and Equity Bank where his wealth increased by
Sh380million. In Britam, his investments increased by Sh250.7million from
Sh586.7million to Sh837.4million while his Equity Bank stake increased by
Sh129.3million to Sh317.6million from Sh186.3million.
Naushad Merali
He is the Kenyan version of US investment guru Warren Buffet
with a knack for striking business deals while they are hot. Merali’s
investments at the NSE are spread across agricultural, automobile and
manufacturing sectors. His controlling interests are in Sasini Tea and Coffee,
tyre manufacturer Sameer Africa and battery manufacturer Eveready East Africa.
Through the three companies, Merali’s fortune grew by Sh431.7million. In
Sasini, his investments which are held through Legend Investment, Yana Towers
and East Africa Batteries grew by Sh246million from Sh1.477billion to
Sh1.723billion while in Sameer Africa his wealth grew Sh119.4million to
Sh844.4million from Sh724.9million. In Eveready East Africa where his shares
are held under East Africa batteries, his investments grew by Sh66million.
Somen
Family
The Somen family came to the limelight when it listed Access
Kenya, a communication company that sells corporate bandwidth, small offices
and up market homes across the country. The company has been in the news lately
following a bid by South Africa firm, Dimension Data PLC, to buy all the 218
million shares in the company. Somen family’s shares in Access Kenya are held
separately by three members of the family, the patriarch Michael Somen, and his
two sons Jonathan and David. Jonathan, the company’s managing director, is the
majority shareholder followed by David and his father in that order. Their
wealth increased by Sh323.6million in the last 12 months. Jonathan’s worth in
the company increased by Sh181.3million from Sh172million to Sh353.3million
while David’s grew by Sh78million from Sh74million to Sh152million.Michael’s
worth grew by Sh64.3million from Sh61million to Sh125.3million.
Gideon
Muriuki
The Cooperative Bank managing director is the second biggest
shareholder in the bank and the biggest individual shareholder. He gained
Sh216million from his seven percent shareholding pushing his investments’ worth
from Sh1.095billion to Sh1.31billion. Muriuki is also the biggest shareholder
in CIC Insurance.
Ashok
Shah
The founder of APA Insurance firm is one of the major players
in both general and life insurance. His investments in NSE are spread across
automotive, commercial, banking and insurance. His name features among the top
shareholders in CMC Motor Group, Barclays Bank, Kenya Airways, and Pan Africa
Life Insurance where his investments grew by Sh26.1 million. In Barclays Bank,
his wealth grew by Sh2.4million from Sh6.1million to Sh8.6million, while in Pan
Africa Life his portfolio gained by Sh39.6million.
